First Home Loan Deposit Scheme and Family Home Guarantee
The Australian Government has announced new property price caps for the First Home Loan Deposit Scheme and the Family Home Guarantee, from 1 July 2021.
In summary there are three key schemes. Each have their differences and eligibility.
- First Home Loan Deposit Scheme supports you to buy your first home sooner, with a deposit of as little as 5%.
- New Home Guarantee supports you to build or buy a new home, with higher property price caps available in selected areas.
- Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, with a deposit of as little as 2%.
How many placements are available?
- 10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.
- The New Home Guarantee has been extended with an additional 10,000 places available from 1 July 2021 to 30 June 2022.
- 10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.
|Region||FHLDS & Family Home Guarantee||New Home Guarantee|
|WA – Perth Metro||$500,000||$550,000|
|WA – Other||$400,000||$400,000|
Two Major Participating Lenders – CBA & NAB with 5000 placements between the two lenders.
Non – Major lenders – 32 participating other lenders with 5000 placements.
I am here to help you navigate your eligibility for each of the different schemes and options available to your personal situation. Each lender also has different criteria that is going to be best suited to you.
If you would the latest fact sheet for any of the three schemes or FAQ’s, please contact me and I will be happy to assist.